The Busy technology brings a comprehensive decentralized solution based on its blockchain, to which the Busy decentralized freelance platform will be connected. So the technology itself has two parts and in this article, I am going to write about the Busy blockchain. But to start from the beginning, let me first explain what is the blockchain.
What is blockchain
Blockchain seems complicated, and it certainly can be, but its core concept is really quite simple. A blockchain is an open, distributed database — simply a file with some data/records. The database is replicated across many nodes (i.e. computers) worldwide.
The blockchain network is entirely decentralized.
This means that no person or entity has control over the blockchain; this is a radical change from the centralized databases that are controlled and administered by businesses and other entities.
So how does it work?
In very simple words, the file is comprised of blocks of data, with each block being connected to the previous block, forming a chain. Hence the name “blockchain”. As well as the data itself, each block also contains a record of when that block was created or edited, which makes it very useful for maintaining a detailed system of records that cannot be corrupted or lost.
The basic flow is demonstrated also in the image below. Once the transaction is entered, it is broadcasted to all nodes and clustered into blocks. Once the block is completed (e.g. valid), it is chained, locked and a new block is created. All over again.
And how works the Busy blockchain?
There are certainly many technical details about the Busy blockchain technology and as I want to have this article readable by everybody, not just experts, I will sum the technology briefly. If you are sad about that, don’t worry, the full technical description is in Busy's White Paper here.
Busy proof of stake is similar to the already adopted pure proof of stake with a few specific changes. The Busy technology uses a modified PBFT (Practical Byzantine Fault Tolerance) consensus.
In brief, each user enters an algorithm with a specific and the same number of coins.
This ensures that each user has the same network power and no one is favored. Another feature is a selection of the block validator using the hidden key of the VRF function (Verifiable Random Function), which ensures that each user has the same chance to become a block validator. A new group of validators enters each verification process. This ensures high security and network throughput. Unlike basic proof of stake, each user involved in the ecosystem gets a staking reward, not just those who close the block.
Conclusion
This is the Busy blockchain in simple words. Again, I need to mention that this article was written in an easy form to be readable by everybody, so if you are curious about more advanced details, check the Busy White Paper.
